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Prdponce got me looking at WGFL pretty hard. Found a website http://worldgolfleague.com/ and it had this letter to investors of an update for April 2005. I just have a few questions. Will the new entity WGFE take any value away from this stock if it takes off? Does the amount of debenture scare any one or is that normal for something like this? Thanks for any words of wisdom.
Frank
April 2005
WGL Investor,
The WGL, Inc. is expecting a very productive 2005. First, our Million Dollar Shootout Reality Series is getting very close to production. Please see the link to the Power Point Presentation for an Overview. http://worldgolfleague.com/MDSO/MDSO%20Business%20Plan_files/frame.htm The script has been changed to allow for much more entertainment content. http://worldgolfleague.com/MDSO/MDSO%20Script_files/frame.htm Please see the link to the Power Point Presentation outlining the Script. We will soon sign a 12 one-hour episode deal with the Fox Sports Network through Northstar Visions and begin filming by early June. We are expecting to air the series in August and September 2005. We are also creating a new entity called WGL Entertainment, which will co-produce and own the rights to the television series. Further details on WGLE and the network contract will be made available within the next 30 days.
Our wholesale membership program will begin taking registrations on May 1, 2005. We plan on holding 8 corporate sponsored National Final type events with substantial prize pools throughout the later part of 2005 and early 2006. Details of these events will be made public 60 days prior to the event.
Our convertible debenture note with Golden Gate Investors is still in place with approximately $2,000,000 still available in credit to the WGL. We plan on drawing down $500,000 over the next several months. Our first priority is to pay the outstanding note of $281,000 owed to 2001 prizewinners. We plan on sponsor participation to pay for the cost of producing the Television Series.
We continue to work very hard to realize our objectives for this year and beyond. 2005 is expected to be are most productive year ever and with the success of the Million Dollar Shootout we will be in a position to provide shareholder appreciation and value for several years to come.
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